KC / Del Roa Energy
The company is a small operation with small land holdings. The last I knew, they had over $1 mil in bank and looking to spend it.
Here's some info. Hope it helps you out.
An independent engineering firm has valued the Corporation's oil and gas reserves at $6.39 million, effective January 1, 1998 and has assigned proved and 50% probable reserves of 550,000 BOEs. Based on its reserve valuation and cash on hand of $1.2 million, Del Roca's net asset value is estimated at $0.32 per share. Del Roca currently
has no debt, an unused line of credit and is actively seeking additional high quality acquisitions.
The company announced (February) that a notice to make a Normal Course Issuer Bid (the "Bid") has been accepted by The Alberta Stock Exchange. Pursuant to the Bid, Del Roca may purchase, from time to time as it considers advisable, up to 1,200,000 of the issued and outstanding common shares of Del Roca through the facilities of The Alberta Stock Exchange.
Last I knew, 23,639,919 shares outstanding.
OPERATIONS 11/24/97
Norbuck, Alberta
Del Roca owns an average of 53 percent working interest in the Norbuck field in the Pembina area of Alberta. Current production is about 86 bbls/d, 48 bbls/d net to Del Roca.
Turin, Alberta
Del Roca owns a 20 percent interest in one section of land along with 2 producing vertical wells in the Turin area. Del Roca participated for its 20 percent interest in a horizontal well which was drilled during the quarter. A 3D seismic program is planned for later in the fall and could result in drilling furtherwells for Taber Sand or Livingstone potential, or both. Net production from the Turin area is currently about 19 bbls/d.
Management of Del Roca continues to evaluate both property and corporate acquisition candidates. Del Roca's focus is on properties near the existing core base where development upside can be specifically identified.
Home Page: www.stockgroup.com/DER.html.
Use home page for stock discussion group (Not S.I.) and for contact with company.
SEDAR: sedar.com
News: 192.139.81.46@dockeywords+"stock=DER"
Discussion Groups: Subject 17970
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